The firm has hired a new general manager, who was recently head of intermediary business Taiwan at FIL Securities Investment Trust Company, for its new office.
Global investment manager Pimco has received the approval of Taiwan’s regulators for its new onshore entity, Pimco Taiwan, to commence business as a securities and investment consultancy. The Taipei operation is the firm’s fourth office in Asia, including Hong Kong, Singapore, Sydney and Tokyo.
The firm has appointed Mitch Wang as general Manager of the new Pimco Taiwan, it said in a statement.
Pimco Taiwan intends to act as the master agent for the firm’s 13 Pimco funds - the Global Investors Series, which are registered for general sale to local Taiwan investors - and directly manage its local distribution partnerships, subject to further regulatory approval.
It is working closely with Allianz Global Investors Taiwan, its current master agent, on the transfer of responsibilities.
During the transition, Pimco will continue to manage the Pimco GIS Funds; and AllianzGI will remain as the master agent until the effective date in 2018 when Pimco Taiwan is appointed as the new master agent.
“Building our onshore presence in Taiwan directly aligns with Pimco’s global distribution strategy and speaks to the firm’s commitment to growing our Asia presence; recognising the significant opportunities this region represents for both the firm and our investors,” said Michael Thompson, Pimco’s head of Asia and chairman of Pimco Taiwan.“The new enterprise provides us with a meaningful framework to deepen our engagement with local distribution partners, expand our reach to clients and continue to deliver global investment solutions and industry-leading client experience for investors in Taiwan.”
Wang will be leading a team focused on driving growth in the firm’s offshore fund business, expanding its distribution partnerships, and strengthening relationships with institutional clients and prospects in Taiwan. He will report to Haining Yin, head of Greater China, based in Hong Kong.
Prior to joining Pimco, Wang was most recently head of intermediary business - Taiwan at FIL Securities Investment Trust Company, Fidelity International’s asset management operation in Taiwan, having joined in 2014.
Before that, Wang worked with Pioneer Global Investments (Taiwan) as general manager, and ABN AMRO Securities Investment Consultant Co, Taiwan as chairman and president. He has 20 years of experience in asset management in Taiwan.
“With his over 20 years of asset management experience and extensive distribution relationships in Taiwan, Mitch is an excellent and timely addition to the firm as we grow our presence in the market,” Yin said.
Last month, this publication reported that Pimco had confirmed that Bill De Leon had resigned from his role as global head of risk management to spend more time with his family